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News Release | Maryland PIRG Foundation and Citizens for Tax Justice | Tax

Study: 70% of Fortune 500 Companies Used Tax Havens in 2013

Tax loopholes encouraged more than 70 percent of Fortune 500 companies – including Stanley Black & Decker in Maryland – to maintain subsidiaries in offshore tax havens as of 2013, according to “Offshore Shell Games,” released today by the Maryland PIRG Foundation and Citizens for Tax Justice (CTJ). Collectively, the companies reported booking nearly $2 trillion offshore for tax purposes, with just 30 companies accounting for 62 percent of the total, or $1.2 trillion.

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Report | Maryland PIRG Foundation and Citizens for Tax Justice | Tax

Offshore Shell Games

Many large U.S.-based multinational corporations avoid paying U.S. taxes by using accounting tricks to make profits made in America appear to be generated in offshore tax havens – countries with minimal or no taxes. By booking profits to subsidiaries registered in tax havens, multinational corporations are able to avoid an estimated $90 billion in federal income taxes each year. These subsidiaries are often shell companies with few, if any employees, and which engage in little to no real business activity. 

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News Release | Consumer Protection

Credit CARD Act Saves Consumers $12.6 Billion Annually

On May 22, the fifth anniversary of the Credit CARD Act of 2009, consumer advocates applaud the Act’s success in saving Americans billions of dollars in predatory and excessive fees. By one estimate, the CARD Act has saved consumers $12.6 billion annually in lower fees and interest charges; a recent report from the Consumer Financial Protection Bureau identifies nearly $4 billion annual savings in fees alone.

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Blog Post | Consumer Protection

Credit CARD Act Turns 5, A Big Success Story | Ed Mierzwinski

The Credit CARD Act of 2009, which had its 5th birthday on May 22, is a government success story that cleaned up a Wild West credit card marketplace by eliminating unfair tricks and traps without destroying the market. Despite “sky is falling” claims of impending doom from industry apologists at the time, the credit card industry is still strong and consumers can choose from a variety of cards.

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Blog Post | Consumer Protection

The end of net neutrality as we know it? | Ed Mierzwinski

On Thursday, 5/15 the U.S. Federal Communications Commission (FCC) meets to propose new rules "to protect and promote the open Internet." It has no choice because a U.S. appellate court threw out parts of its current rules in a January decision favoring the telephone company Verizon. The decision did not eliminate FCC authority to regulate the Internet, but it did make it more complicated.

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News Release | Budget

Business Leaders and Owners Call for Closing Tax Loopholes

Business leaders from across the state are calling for closing of tax loopholes in support of Gov. O’Malley’s announcement to close tax loopholes as part of the larger budget proposal.

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News Release | Transportation

Traffic congestions badly hurts baltimore area

Commuters in the Baltimore area wasted 30 million hours of additional time on the roads, and 19 million gallons of additional gas as a result of traffic congestion in 2005. The additional wasted time and fuel cost the public an equivalent of $426 million, according to the federally sponsored Urban Mobility Report released today by the Texas Transportation Institute. The findings underscore the need for additional transit in the region.

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News Release | Higher Ed

Congress Passes Major Higher Education Reform

Today the U.S. Senate and House of Representatives passed the College Cost Reduction and Access Act by votes of 79 to 12 and 292 to 97 respectively. The bill now goes to the president who has said he will sign the legislation into law.

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News Release | Higher Ed

National Coalition of Organizations Urges Higher Education Reform

A national coalition of organizations including the United States Student Association, U.S. PIRG, the AFL-CIO and the American Association of State Colleges and Universities today sent a letter to all members of Congress urging them to address critical priorities in American higher education.

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News Release | Consumer Protection

Activists Pressure Towson Target to Phase-Out Toxic PVC

While Target shareholders attended the company’s annual meeting in Cleveland, Ohio, today Maryland PIRG and concerned Maryland customers protested at their local Target store, urging the company to phase out PVC products and packaging.

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